Forms of inspection of accounting services in Vietnam

Forms of inspection of accounting services in Vietnam
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What are the forms of inspection of accounting services in Vietnam? - Ngoc Thuy (Tien Giang)

Forms of inspection of accounting services in Vietnam

Forms of inspection of accounting services in Vietnam (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

1. Forms of inspection of accounting services in Vietnam

According to Article 5 of Circular 09/2021/TT-BTC, an inspection is carried out in a direct or indirect manner as follows:

- Indirect inspection means the presiding inspector’s supervision of an inspectee’s compliance with obligations to periodically notify or report to the Ministry of Finance upon request or in accordance with regulations of laws.

- Direct inspection means the presiding inspector’s establishing the Inspectorate to inspect accounting services at accounting service businesses.  Direct inspection comprises:

+ Periodic inspection

Annually, based on the time limits for periodic direct inspections specified in Section 3, the presiding inspector shall make a plan for direct inspection of accounting service business activities.

+ Ad-hoc inspection

The presiding inspector shall undertake an unscheduled inspection of an inspectee in one of the following cases:

++ An ad-hoc inspection is to verify petitions and complaint letters related to provision of accounting services;

+ An ad-hoc inspection is to check information about any sign of violation detected in the process of indirectly managing and inspecting accounting service business activities.

2. Scope and requirements of direct inspection of accounting services in Vietnam

Scope and requirements of direct inspection according to Article 6 of Circular 09/2021/TT-BTC are as follows:

- The scope of a periodic inspection of accounting services business extends to the compliance with laws on registration and maintenance of accounting service practicing and business requirements and the compliance with professional standards, accounting regimes and relevant accounting legislation in the process of provision of accounting services of an inspectee.  This inspection involves:

+ Documents and records related to the subject matters of the inspection of compliance with laws on registration and maintenance of accounting service practicing and business requirements of the inspectee, including:  Documents related to dossiers of registration and maintenance of accounting service practicing and business requirements of the inspectee, and others related to the subject matters of the inspection;

+ Records and documents on the inspectee's compliance with professional standards, accounting regimes and relevant accounting legislation in the course of practicing and providing accounting services with respect to accounting service contracts already terminated or contractual works already completed within the period from the date of business incorporation or the previous inspection to the date of inspection.

- The scope of an ad-hoc inspection of business of accounting services is prescribed under an inspection decision.

- Requirements of an inspection of business of accounting services

+ Compliance with accounting legislation;

+ Assurance of independence and objectivity of the inspection;

+ Compliance with confidentiality requirements in accordance with laws on accounting and professional standards.

+ Assessment opinions and conclusions must be clearly documented in inspection minutes on a basis of the Inspectorate’s professional review, assessment and judgement.   Inspection conclusions regarding the inspectee’s errors and defects must be proved accordingly.

3. Scope and requirements of direct inspection accounting services in Vietnam

Scope and requirements of direct inspection accounting services in Vietnam according to Article 7 of Circular 09/2021/TT-BTC is as follows:

- The scope of a periodic inspection of accounting services business extends to the compliance with laws on registration and maintenance of accounting service practicing and business requirements and the compliance with professional standards, accounting regimes and relevant accounting legislation in the process of provision of accounting services of an inspectee.  This inspection involves:

+ Documents and records related to the subject matters of the inspection of compliance with laws on registration and maintenance of accounting service practicing and business requirements of the inspectee, including:  Documents related to dossiers of registration and maintenance of accounting service practicing and business requirements of the inspectee, and others related to the subject matters of the inspection;

+ Records and documents on the inspectee's compliance with professional standards, accounting regimes and relevant accounting legislation in the course of practicing and providing accounting services with respect to accounting service contracts already terminated or contractual works already completed within the period from the date of business incorporation or the previous inspection to the date of inspection.

- The scope of an ad-hoc inspection of business of accounting services is prescribed under an inspection decision.

- Requirements of an inspection of business of accounting services

+ Compliance with accounting legislation;

+ Assurance of independence and objectivity of the inspection;

+ Compliance with confidentiality requirements in accordance with laws on accounting and professional standards.

+ Assessment opinions and conclusions must be clearly documented in inspection minutes on a basis of the Inspectorate’s professional review, assessment and judgement. Inspection conclusions regarding the inspectee’s errors and defects must be proved accordingly.

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